JPMorgan has revised its estimate for the cost of bitcoin production after changes were made to the methodology of the Cambridge Bitcoin Electricity Consumption Index (CBECI). The current estimate with the new methodology is around $18,000, compared to $21,000 with the old methodology. The analysts noted that the revised methodology reduces the impact of electricity price changes on mining costs. The current market price of bitcoin is approximately $25,800. JPMorgan also stated that the sensitivity of electricity cost changes to bitcoin production cost has decreased to around $3,800 from $4,300. The bank believes that this sensitivity could double after the halving event in 2024. Additionally, the Cambridge Centre for Alternative Finance conducted an analysis to validate the hypothesis that increased network hash rate is due to recently released mining hardware.

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